How many economists and politicians does it take to make the economy slow to a crawl?
Apparently, all of them.
Recently, I was talking with my father. He expressed worry that the Chinese were becoming too influential in our government. He asked me why that didn’t seem to bother me.
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“Dad, the Chinese are easy to understand,” I told him. “They do what is in the country’s best interest all the time, unlike America.”
In the United States, the House of Representatives have been called back into session to spend $26 billion so that we could save the jobs of 140,000 teachers.
Now, I was a college teacher for more than 10 years. I loved being a teacher. I don’t want to cut any jobs for teachers.
But when revenues decrease in the private sector, salaries slide.
And no one sheds a tear for the physician who spends hundreds of thousands of dollars on college and medical school and who then takes a 15 percent cut because of Medicaid cutbacks and malpractice insurance to protect against frivolous lawsuits.
But if you suggest that teachers take a 2 percent pay cut (to $70,000 from $71,500), you are called an “anti-education pariah who doesn’t understand everything that teachers do.”
Perhaps they forgot that I have been a teacher.
I am also a self-made millionaire who built wealth gradually over a 26-year period solely from allocating capital. I also recently took part in a “must-see” economic summit with Bill O'Reilly. Watch Video Now
So I feel compelled to help solve our country’s economic problems.
Our country’s state and local leaders are either unwilling — or unable — to do so.
To quote former college professor and author Thomas Stanley, “happiness in life has little to do with what you wear, drive, eat or drink. The people with the greatest satisfaction are those who live below their means.”
During the next three weeks, I will share with you my plan for restoring prosperity and economic sanity in the United States.
This plan, which will be explained in three separate articles, will combine compassion, equity and fiscal sanity.
Make sure you read Part One next week.
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About the Author: Bill Spetrino
Bill Spetrino is a member of the Moneynews Financial Brain Trust. Click Here
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